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The global machine condition monitoring market exhibited moderate growth during 2015-2020. Machine condition monitoring refers to the process of monitoring and measuring the temperature, humidity and pressure in mechanical equipment. It is commonly used in pumps, rotating and electric motors, internal combustion engines (ICEs) and presses. This involves vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound emission and motor current analysis. These processes aid in predicting the mechanical wear and tear and diagnosing the site of unwanted noise, vibration, and heat generation that can damage the machine's components. Apart from this, they also enable proper scheduling of maintenance programs, minimizing the severity of machine downtime and ensuring the safety of the equipment.
Increasing digitization, along with significant growth in the oil and gas, automotive, defense, aerospace, manufacturing, food and beverage and marine industries, is one of the key factors creating a positive outlook for the market. Additionally, various technological advancements, such as the utilization of secure cloud computing platforms, wireless technologies and the integration with the Internet of Things (IoT), are acting as other major growth-inducing factors. Furthermore, increasing awareness regarding preventive maintenance among the masses is also driving the market growth. In line with this, widespread adoption of vibration monitoring systems that are used for measuring oscillations of components, such as belts, gears, bearings, drive motors and other parts, is also contributing to the market growth. Other factors, including extensive infrastructural developments, along with the increasing demand for heating, ventilation and air conditioning (HVAC) systems, are expected to drive the market further. Looking forward, IMARC Group expects the global machine condition monitoring market to grow at a CAGR of 6.4% during 2021-2026.
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The report has also analysed the competitive landscape of the market with some of the key players being Brüel & Kjær Vibro GmbH (Spectris Plc), Emerson Electric Co., Flir Systems, Fluke Corporation (Fortive), General Electric, Honeywell International, National Instruments, Parker Hannifin, PCB Piezotronics (MTS Systems Corporation), Rockwell Automation, Schaeffler Group, SKF, Symphony AzimaAI and Wilcoxon Sensing Technologies (Amphenol Corporation).
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